The entertainment industry is in the midst of a "frantic shift" to jump onboard with digital media, according to a new report from Ernst & Young.

The global accounting firm is projecting that digital entertainment revenue will surpass that of "traditional" media by 2015.

Interestingly, the report didn't explicitly define "traditional media." However, "digital media" is easier to pinpoint as researchers reiterated advancements made by smartphones, tablets, and other online services.

Analysts warned that entertainment companies only have a narrow window of opportunity to extend their lead — or catch up — with the digital transformation underway.

But Ernst & Young offered a few tips and statistical hints about how this can be achieved.

For starters, analysts emphasized that striking up industry alliances enables businesses to react after, rather than going it alone.

On a more technology-based front, the report pointed toward tapping into mobile and cloud trends.

Approximately 83 percent of digital leaders surveyed said they think smart mobility will increase revenue within the next two to three years. As for the cloud, roughly 74 percent defended the value of cloud-based business tools.

Big data will also play a role, but it appears that business leaders are still hesitant about taking advantage of it — at least in the entertainment industry.

Researchers found that 66 percent rely on "in-house resources" for customer insights, while 41 percent argued they don't gain any insight from their data.

This led Ernst & Young consultants to conclude they don’t have the right big data analytics tools or skills in place — thus bringing the argument back around to setting up industry partnerships to catch up in the meantime.

For reference, Ernst & Young surveyed more than 550 senior executives at global media and entertainment companies for this report.